Whether you’d prefer town home style or high-rise buildings, there’s likely a condo available locally in the style you want. Condos also boast plenty of amenities and other perks for residents. So, should you go for a condo over a traditional home? There are some key factors to consider.

Downsides of condo living

First, here’s what might take a little getting used to:

• Limited privacy. With a significant amount of shared space, condo living means getting to know your neighbors. Shared walls and courtyards can be noisy and inspire privacy concerns.
• HOA rules. HOA rules can be restrictive, down to what’s visible on your patio, limits on pets and more. Living in a condo means adhering to these rules. 
• HOA fees. Condo communities also come with fees to help maintain shared spaces, amenities and other aspects of the property. These costs may vary by condo size, and are crucial to add into your monthly or annual budget.

Advantages of condo living

Condo living makes sense if you:

• Prefer low-maintenance living. You can have someone else handle the landscaping, roofs and exteriors. By pooling their funds, condo owners receive cost-effective maintenance compared to homeowners who pay individually for exterior repairs, cleaning and other household maintenance.
• Enjoy the presence of other people. Condo living is perfect for those who prefer being social. You’re likely to get to know your neighbors in a condo community.
• Seek an affordable path to ownership. Property taxes on condos, as well as condos themselves, tend to be relatively affordable. Well-maintained condos also tend to be easy to resell in our current market. 

If you’re unsure about whether condo life is best for you, speak to your real estate agent for expert advice. Considering the pros and cons is crucial, but so is knowledge of local markets and other excellent tips a professional agent can provide.